UK warned ‘significant’ rate rise is coming, as calls for mini-budget U-turn rise - as it happened

BoE chief economist Huw Pill says Bank should wait until next scheduled meeting in the first week of November rather than respond through an emergency rate hike

• Kwarteng's tax cuts will force significant' interest rate rises by Bank of England

The pound has plunged across the board against all major currencies in the last week, and almost all the others too:

Shadow health secretary Wes Streeting has warned that the turmoil in the mortgage market this week, which forced several lenders to pull deals, is just the tip of the iceburg'.

All of us are frankly still recovering from our jaws hitting the floors last week with that budget from Kwasi Kwarteng.

And the real world consequences we're seeing overnight, the withdrawal of mortgage products, tell us about the extent to which our own Chancellor in this country has frightened the markets.